UK band Radiohead announced its seventh album Monday, but the band has done so in an unusual way: In Rainbows will be available as a digital download from the band’s Web site, and you choose the price you wish to pay. A boxed CD-version of the album will also be available, again through the band’s Web site only, that includes the CD, the album on two vinyl LPs, and an enhanced CD with bonus materials.

The unusual move to allow fans to name their own price for the digital download, and to make the album available only through its own Web site, was made possible in part because Radiohead is releasing the album without a major record label, joining Pearl Jam as the two biggest bands to operate without a major label.

There is no price advertised for the digital download, but if you click the preorder button, and then view your basket, you see the screen below, which includes an option for filling in your price.

Screen shot from the "View Basket" portion of the In Rainbows ordering preordering process

Clicking on the "?" to the right of the price field brings up the following screen with the message "It’s up to you."

It’s up to you.

Clicking on the question mark on that page, stresses the point with the following message.

No really, it’s up to you.

Both the digital download and the CD box set are availalble for preorder today. The digital download will be released on October 10th, 2007, while the CD box set will be released on December 3rd, 2007.

Radiohead has not released information which file format it will use for its digital downloads, but iPodObserver.com has inquired with the band to find out if it will be iPod-compatible.

As of this writing, Radiohead’s In Rainbows Web site has been brought to its knees, and a note from the band said that their host is working on the problem.